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Highlights:
- Strategic Acquisition: Somerset Minerals Ltd (ASX:SMM) has secured an agreement to acquire 100% of the Coppermine Project, located in Canada’s Nunavut region, covering an area of 1,208 square kilometers.
- High-Grade Copper Discovery: The project boasts several high-grade copper lodes, with rock chip assays showing impressive copper and silver grades, including up to 45.4% Cu and 60.0 g/t Ag, indicating significant exploration potential.
- Rich Exploration Prospects: The project is in close proximity to White Cliff Minerals’ Rae copper-silver project and features 75 historical copper occurrences, setting the stage for future exploration activities, including drilling and geochemical mapping scheduled for Q1 2025.
Somerset Minerals Ltd has entered into a conditional agreement to acquire the Coppermine Project, a high-grade copper exploration property located in Canada’s Nunavut region. The acquisition includes a 100% stake in the 1,208-square-kilometre land package, with the project situated adjacent to the Rae copper-silver project owned by White Cliff Minerals (ASX:WCN).
The Coppermine Project lies within the Copper Creek Formation, a well-established geological zone known for its copper potential. This land package includes a significant portion of the Copper Creek Formation basalts—spanning approximately 1,055 km²—making it a promising site for future copper exploration. Early rock chip assays from the area have revealed exceptionally high copper grades, with some assays showing up to 45.4% copper and 60.0 grams per tonne (g/t) silver, alongside additional assays of 44.1% Cu and 263.0 g/t Ag, and 36.4% Cu and 46.0 g/t Ag.
This acquisition provides Somerset with a highly prospective exploration project. The Coppermine Project has been previously explored, with 75 historical copper occurrences identified, and two of these occurrences extend into areas covered by White Cliff’s Vision, Stark, Thor, and Rocket districts. Additionally, the ground surrounds the historic Danvers resource, which contains a previous estimate of 4.16 million tonnes at 2.96% copper. This rich historical data will serve as a strong foundation for future exploration activities.
Somerset intends to launch its exploration program in the first quarter of 2025, with initial efforts focused on maiden drilling campaigns and extensive geochemical mapping. These efforts will further evaluate the potential of the high-grade copper lodes and guide the next phase of exploration and development for the project.
This strategic acquisition positions Somerset in a promising copper-rich region and enhances its potential to tap into the growing demand for high-grade copper resources.
